Various types of locking devices are known. These devices are typically used for securing a first member such as a door panel in a closed position relative to a second member such as a housing or cabinet. These locking devices may also be referred to as latches or actuators. Prior art examples of these devices are found in the following U.S. Pat. Nos. 5,913,908 to Czipri; 6,418,761 to Wytcherley et al.; and 6,623,052 to Hansen. Existing locking devices suffer from one or more of the following drawbacks. They are relatively complex in construction, are too expensive to fabricate, difficult to operate and difficult to install.